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1.2. The “Company” means Real Estate Credit Investments Limited and any of its subsidiaries and related companies and references to the “Company’s website” are to any of the Company’s websites and also include, but are not limited to, the text, images, links, sounds, graphics and video sequences displayed in such websites (the “Materials”).
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In our note, Why rising rates should not hurt RECI, published on 8 November 2021, we explored RECI’s low sensitivity to rising rates by analysing i) borrower revenue sensitivity, ii) borrower debt sensitivity, iii) RECI’s portfolio risk mitigation techniques, iv) the MTM on the bond portfolio, v) the impact of RECI’s own funding mix, vi) international diversification), vii) previous share price experience, viii) sentiment to the stock, and ix) potential opportunities that could arise. This reinforced previous analyses that RECI’s business has limited downside. We used a case study of a hotel exposure to illustrate how Cheyne’s management of challenging relationships materially reduces the final loss.
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